The Information Content of Corporate Offerings of Seasoned Securities: An Empirical Analysis

Robyn McLaughlin, Assem Safieddine and Gopala Vasudevan

Financial Management, 1998, vol. 27, issue 2

Abstract: American corporations raised approximately $287.84 billion annually between 1980 and 1991 through public issues of debt and equity. This paper analyzes the post-issue operating performance of both debt and equity issuers, controlling for factors which have been shown to explain post-issue firm operating performance, such as free cash flow, performance "run up", and investment in real assets. If finds that security offering announcements convey negative information about the future operating performance of the issuer.

Date: 1998
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